https://www.taxtmi.com/caselaws?id=186014 The Tribunal upheld the CIT(A)'s decision to delete additions on account of low Gross Profit and unexplained share application money for assessment years 2005-06 and 2006-07. The Tribunal emphasized the proper record-keeping by the assessee and the lack of material evidence by the AO to support the additions. The CIT(A) found that the assessee justified the fall in Gross Profit due to various factors, and the share application money was supported by confirmations and financial documents from shareholders. en-us Fri, 20 May 2011 00:00:00 +0530 Mon, 05 Sep 2016 17:18:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186014 The Tribunal upheld the CIT(A)'s decision to delete additions on account of low Gross Profit and unexplained share application money for assessment years 2005-06 and 2006-07. The Tribunal emphasized the proper record-keeping by the assessee and the lack of material evidence by the AO to support the additions. The CIT(A) found that the assessee justified the fall in Gross Profit due to various factors, and the share application money was supported by confirmations and financial documents from shareholders. Case-Laws Income Tax Fri, 20 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186014